XELAW - XELAW STOCK NEWS

Exela Technologies has secured a multi-year licensing agreement with Finanz Informatik, the IT service provider for the Savings Banks Finance Group, which manages approximately $3.5 trillion in assets. The partnership aims to standardize and enhance digital banking solutions through Exela's Digital Mailroom and AI-driven process control via Plexus CaseVision. This project is valued at several million USD over the coming years, showcasing Exela's technological capabilities in the financial sector.

Exela Technologies (NASDAQ: XELA) has initiated an offer to exchange up to 100 million shares of its common stock for a total of $125 million in Series B1 Preferred Stock. Each block of 20 common shares can be exchanged for one share of Series B1, valued at a $25 liquidation preference, representing a 257% premium over the recent closing price. This exchange will reduce the common share count by approximately 20.6%. Offers must be tendered by May 16, 2022, with Series B holders also eligible for the exchange. The new preferred stock aims for listing on Nasdaq.

Exela Technologies announced a significant contract with a new customer worth $6.8 million over three years. The Exchange for Bills and Payments (XBP) platform, a key revenue driver, continues to attract new clients by leveraging Exela's comprehensive solutions including payment processing and digital mailroom services. The company highlights increasing momentum within the XBP service, indicating a positive outlook for future growth.

Exela Technologies (NASDAQ: XELA) has expanded its partnership with a leading global bank to include mobile payment processing. This extension of a 30-year relationship is part of a multi-year contract within Exela's ITPS segment. The new mobile solution will manage payments in accordance with Pay.UK standards, enhancing the existing services in payments, fraud detection, and mortgage processing. This development positions Exela to offer additional services such as Request to Pay and Real-Time Payments, further solidifying its presence in the digital banking landscape.

Exela Technologies (NASDAQ: XELA) announced the cancellation of its special stockholders meeting originally scheduled for May 3, 2022, which aimed to approve a reverse stock split. The decision underscores Exela's commitment to maintaining compliance with Nasdaq listing standards, as the company may reconsider a reverse stock split by August 8, 2022. Exela emphasizes the importance of continued Nasdaq listing for its shareholders, employees, and customers.

Exela Technologies, Inc. (NASDAQ: XELA) announced a contract award valued at $13.2 million over the next four years, primarily through its Exchange for Bills and Payments (XBP) solution. This contract highlights Exela's strength in the ITPS accounting segment, leveraging its payment processing, collaborative workflow, and digital mailroom platforms. With over 30 years in the industry and operations in over 23 countries, Exela aims to enhance communication and transaction solutions globally, catering to a diverse clientele including major corporations.

Exela Technologies, Inc. (NASDAQ: XELA) has announced an amendment to its debt facility with B. Riley Commercial Capital, LLC. This amendment allows for automatic maturity extensions on a revolving credit facility and provides up to $50 million in additional liquidity. As of March 31, 2022, the company reported about $62 million in liquidity and a current balance of approximately $92 million on the B. Riley facility. Additionally, Exela has successfully completed its At Market Issuance, raising a total of $250 million since September 30, 2021.

Ronald C. Cogburn, CEO of Exela Technologies, will transition from his role effective April 30, 2022. Par Chadha, Executive Chairman, will lead the management team. Cogburn, who served as CEO since Exela's IPO in July 2017, reflected on the company's growth from a small outsourcing firm to a leader in business process automation serving over 4,000 customers in 50 countries. He expressed confidence in Exela's future, highlighting positive momentum and a clear business purpose as they approach their five-year anniversary.

Exela Technologies (NASDAQ: XELA) announced significant advancements in its balance sheet management via a Revolving Loan Exchange and Prepayment Agreement. The company prepaid $50 million of its revolving loan and exchanged the remaining amount for $50 million in 11.500% Senior Secured Notes due in 2026, eliminating senior debt maturities in 2022. This initiative is part of a broader strategy to reduce debt, having already deployed $601 million towards its financial and strategic objectives.